The Income Declaration Scheme, 2016

Vide Finance Act, 2016, the Government inserted Chapter-IX providing for Income Declaration Scheme'2016 ('the Scheme'). By using technology and requiring PAN disclosures for a range of transactions, the Income tax Department is tightening the net on the generation of black money at source. While the Income Disclosure Scheme last year sought to tackle black money stashed overseas, this year's Scheme is, however, limited to domestic income that has remained untaxed. It is unlikely that similar scheme would again be launched in near future. It is, therefore, imperative to diligently and carefully avail the benefit of compliance window

Following are the salient features of the above Scheme: